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IMF reform – EU loathe to surrender voting rights

The European Council has defended the EU member states’ position regarding the distribution of seats on the Board of the International Monetary Fund (IMF). The Heads of State and Government also upheld the decision to increase the European contribution to the IMF budget. The United States have been pressuring Europe to decrease its representation on the IMF Board - the American plan is to roll the current eight seats into one to make more room for developing countries. At the close of the European Council of 17 September the EU Heads of State and Government declared that “the current size of the Board is a reasonable compromise between openness and legitimacy and efficiency requirements.”